156
156
Jan 11, 2013
01/13
by
CNBC
tv
eye 156
favorite 0
quote 0
ceiling and the best deals that we can hope for at this point. you say, that the debt ceiling itself shouldn't be something that we are negotiating over right now but right now there are some very real things that they can hold out to try to get the proposals, the republicans can. >> absolutely. let's talk about what the debt ceiling is. the debt ceiling, we're the only country on ert with a debt ceiling. there are other countries that have controls, including debt-to-gdp. debt as a percentage of the economy requirement but we're the only one that has a debt ceiling. the debt ceiling is really dealing with, you know, hows that have already been passed, apropose riegss that have already been made, ultimately what we need to do is achieve a grand bargain where we get rid of the debt ceiling. we substitute statutory budget controls and i would argue a constitutional debt as a percentage of the economy limit. >> saying you could never go beyond -- >> that's right. >> what percent would that be? >> 120% of gdp, 100%. public debt we're about 75. total
ceiling and the best deals that we can hope for at this point. you say, that the debt ceiling itself shouldn't be something that we are negotiating over right now but right now there are some very real things that they can hold out to try to get the proposals, the republicans can. >> absolutely. let's talk about what the debt ceiling is. the debt ceiling, we're the only country on ert with a debt ceiling. there are other countries that have controls, including debt-to-gdp. debt as a...
132
132
Oct 2, 2013
10/13
by
CNBC
tv
eye 132
favorite 0
quote 0
but the debt ceiling in particular, this is 15 days away at sh point. there's a lot of acrimonacrimon. >> since '76, there have been suspect shutdowns. the median duration was four days, but the longest is 21. we're 15 days away from the debt ceiling deadline. it could well be that you're going to try and see the administration shutdown long enough. >> honestly, that makes sense to me. >> it makes total sense. >> you don't want to do these stupid negotiations again and is again. wrap it up in one big deal. >> why do you face armageddon and solve it once and five days later face armageddon again. >> have you saying the debt ceiling is not at an absolute panic point? >> defaulting on the government debt is a panic point. >> what are you so sanguine about, then? >> what's that? >> what are you so sanguine about? >> i feel that if the market doesn't fall into a fans sense of complacency, the market stays steady, focuses on the economic merit because the recovery does continue and doesn't panic, then i think the administration will say, okay, we cannot defau
but the debt ceiling in particular, this is 15 days away at sh point. there's a lot of acrimonacrimon. >> since '76, there have been suspect shutdowns. the median duration was four days, but the longest is 21. we're 15 days away from the debt ceiling deadline. it could well be that you're going to try and see the administration shutdown long enough. >> honestly, that makes sense to me. >> it makes total sense. >> you don't want to do these stupid negotiations again and...
121
121
Jun 28, 2013
06/13
by
CNBC
tv
eye 121
favorite 0
quote 0
ceiling. the higher the debt ceiling goes the higher the price of gold goes and right now, based on that, you know, gold should be around $16 to $1,700. it's trading at 25/30% less than that. >> it's interesting. the debt number the deficit numbers have been lower than had been projected. they continue to drop over ten years, are you talking a massive bug deficit. it's nothing to write home about. it's not nearly as bad as we thought it would be a year ago, two years ago. we seen tax revenue coming in much better than expected? >> yeah, listen to you, not as bad doesn't mean bad is 1.2 trillion dollars. >> i'm not cheering the deficit or the debt. i give you that. i guess market trades on expectations, expectations used to be worse than where it is now. it doesn't make sense the market for dpold has come right back down. >> the other thing to take that look at the monetary policy isn't going to get to us the growth numbers that this country expects. fiscal policy has to get engaged. that's not
ceiling. the higher the debt ceiling goes the higher the price of gold goes and right now, based on that, you know, gold should be around $16 to $1,700. it's trading at 25/30% less than that. >> it's interesting. the debt number the deficit numbers have been lower than had been projected. they continue to drop over ten years, are you talking a massive bug deficit. it's nothing to write home about. it's not nearly as bad as we thought it would be a year ago, two years ago. we seen tax...
337
337
Jan 16, 2013
01/13
by
CNBC
tv
eye 337
favorite 0
quote 0
. >> i've asked more than a few people, leader, about the rhetoric that we're hearing about debt ceilings not being a time to talk about deficit reduction plans. i've had three or four people tell me historically it has in fact been a time. at this point, to take it off the table is kind of arbitrary and not really -- you know, you can't do it. you can't say, i'm not going to talk about this, i refuse to be a banana republic, especially when you voted for refusing to raise the debt ceiling in 2006, talking about president obama. >> let me give you a history. when i came to the congress in 1977, one of the first days i was there, tip o'neill saw me, said, you look like a nice young guy, we need somebody to carry out the trash. he said carrying out the trash is passing the debt limit increase. i spent five years. this is a crazy story, doing little else than going to my colleagues in the domestemocraty to get a vote in the debt ceiling. everybody wanted to vote against it because it could be used against them in the election. everybody knew it had to pass and every time it would pass by one
. >> i've asked more than a few people, leader, about the rhetoric that we're hearing about debt ceilings not being a time to talk about deficit reduction plans. i've had three or four people tell me historically it has in fact been a time. at this point, to take it off the table is kind of arbitrary and not really -- you know, you can't do it. you can't say, i'm not going to talk about this, i refuse to be a banana republic, especially when you voted for refusing to raise the debt...
177
177
Mar 13, 2013
03/13
by
CNBC
tv
eye 177
favorite 0
quote 0
so what do we -- >> that's a good point. and i think what's interesting is rather than having markets discipline washington, which investors don't like, we see some degree of republican resolve, not on the debt ceiling, but importantly on see quest train stati sequestration. and that's why we saw it as a positive going forward. they sidelined the risk of a rating downgrade. they sidelined the risk of a disorderly jump in interest rates. and i think a lot of people thought one of the big risks for early this year was in 1994 style dislocation of bond markets that would knock down all asset classes, not likely to happen now. >> well, the good news is, it must have been 5 1/2 years now that wall street has been completely focused on washington and seeing what's there. now what do we watch? >> well, gridlock is fine. it's economic terrorism that is not. and that's the situation we were in. we were in a situation where a big block of people in the government were threatening to shut everything down and not pay the debts and they
so what do we -- >> that's a good point. and i think what's interesting is rather than having markets discipline washington, which investors don't like, we see some degree of republican resolve, not on the debt ceiling, but importantly on see quest train stati sequestration. and that's why we saw it as a positive going forward. they sidelined the risk of a rating downgrade. they sidelined the risk of a disorderly jump in interest rates. and i think a lot of people thought one of the big...
211
211
Jan 17, 2013
01/13
by
CNBC
tv
eye 211
favorite 0
quote 0
then we said, well, we've got to two months until the debt ceiling. it's the 17th today and it just feels different. we're not -- we don't have a clock on cnbc showing the days to the debt ceiling when we hit it. it just seems like the market b is getting desensitized and we figure something -- it's not going to be the deal that we thought. is that true? do we know that, that it's not going to -- you know, derail this? >> my sense is, joe, you might be back to a clock in about a month. i think the one thing we learned from the fiscal cliff was don't really pay attention to anything that comes out of washington until "d" day. >> so that is what we're doing now. we're looking at individual results. >> and i think that's actually what people want. they want to trade in the market. the nice thing about you is you're talking about earnings, you're talking about things that matter to the market right now. everyone i talk to is saying i'll deal with the debt ceiling when i get there. actually, if there was a lot on worry there, we wouldn't be going, budding
then we said, well, we've got to two months until the debt ceiling. it's the 17th today and it just feels different. we're not -- we don't have a clock on cnbc showing the days to the debt ceiling when we hit it. it just seems like the market b is getting desensitized and we figure something -- it's not going to be the deal that we thought. is that true? do we know that, that it's not going to -- you know, derail this? >> my sense is, joe, you might be back to a clock in about a month. i...
274
274
Jan 15, 2013
01/13
by
CNBC
tv
eye 274
favorite 0
quote 0
but when it comes to using the debt ceiling we had roger altman here earlier this week. his point was why not just use the sequestration which got pushed back to march 1st, use that instead of the debt ceiling so it doesn't sway confidence or concern investors to quite the same extent? >> becky, that's fine. the problem is that was the last deficit increase. the $1.2 trillion is sort of already in the bank. the credit agencies, by the way, assume we're going to make those cuts. so if you're suggesting that we do additional sequestration on the smaller part of the budget, the 38% we talked about, domestic discretionary, i suppose that's one way you could go. but, it ignores the fact that we've got this bigger part of the budget that's more politically sensitive, but has to be dealt with. the biggest part of the budget and the fastest growing part of the budget. it also, the $1.2 trillion is in the bank because of the discussions we had two years ago. >> you think the democrats would not see that as a credible threat? they would say go ahead, let the sequestration kick in?
but when it comes to using the debt ceiling we had roger altman here earlier this week. his point was why not just use the sequestration which got pushed back to march 1st, use that instead of the debt ceiling so it doesn't sway confidence or concern investors to quite the same extent? >> becky, that's fine. the problem is that was the last deficit increase. the $1.2 trillion is sort of already in the bank. the credit agencies, by the way, assume we're going to make those cuts. so if...
192
192
Aug 12, 2013
08/13
by
CNBC
tv
eye 192
favorite 0
quote 0
the clock is ticking on the debt ceiling. i don't think we're going to default. i think we will have a crazy 11th hour skirmishes. everybody will decide if the u.s. congress is worse than their own worst nightmares. the markets will get hit as a result and it will be worse than the j.c. penney board situation because there will be 2400 or 535 doing like one guy. >> how long does that go on for? the reason i cc is we had a number of analyst, investors come in and say the next month or two will be choppy, given by default, it will be choppy, some say you ride it through, you don't care, don't try to mark your time, others say, hang tight, watch the show, then see what happens. >> well, i think looking at this whole thing, the debt ceiling issue is the bing one. we don't really know the exact day. fannie may and freddie mac gave uncle sam a lot of money worth a couple days or something. i think you have to look past it. if we assume as i do at the great standoff the u.s. will not defacility in its debt. we will make the payment, we'll come out the other side reasona
the clock is ticking on the debt ceiling. i don't think we're going to default. i think we will have a crazy 11th hour skirmishes. everybody will decide if the u.s. congress is worse than their own worst nightmares. the markets will get hit as a result and it will be worse than the j.c. penney board situation because there will be 2400 or 535 doing like one guy. >> how long does that go on for? the reason i cc is we had a number of analyst, investors come in and say the next month or two...
256
256
Jan 8, 2013
01/13
by
CNBC
tv
eye 256
favorite 0
quote 0
i'd say one point i'd like to make real quick about the debt ceiling. my friend ed bradford and i have been talking about this. forget about the coin. forget about the constitution. the united states could, like britain, issue annuities for what they call console. you could become a never ending equity owner in the united states of america. that goes -- it would have nothing to do with the debt ceiling and they would be able to finance themselves easily at a low rate. and i think that the whole country could get behind that concept. >> although there's still a dysfunctional washington and that's not good news over the long-term. >> you bet. but at least it takes people out. i mean, you know, i guess if you don't know that washington is completely dysfunctional by now, then we're not doing a good enough job of getting the message out. i'm just saying that there's a lot of misinformation, as you know, about the debt and what the debt needs and how the united states finances itself. and there are other alternatives in playing gimmicks with coins or taking
i'd say one point i'd like to make real quick about the debt ceiling. my friend ed bradford and i have been talking about this. forget about the coin. forget about the constitution. the united states could, like britain, issue annuities for what they call console. you could become a never ending equity owner in the united states of america. that goes -- it would have nothing to do with the debt ceiling and they would be able to finance themselves easily at a low rate. and i think that the whole...
217
217
Mar 7, 2013
03/13
by
CNBC
tv
eye 217
favorite 0
quote 0
ceiling debate. wow, i mean, that's going to add another 500 points right to the market. and really reinforce the bulls, and that could be the melt-up of the economy. >> i just want to get chanos. you there? is jim listening? >> i've been listening. >> can you help with this perma bowl for a second? is there a question here that needs to be asked that may change our view on how bullish we should really be? maybe you are bullish. i heard you a little bit earlier. >> we don't have a view on the market, andrew. i think the market will go up over time. in that case i'm with the professor on his long-term view. in short-term squiggles and moves who knows. >> well certainly the short run it's very dangerous. i think what's really important, people ask me, well, how much better off are we than five years ago? we just, you know, picked up th that. earnings are higher than october '07. dividends are higher than october '07. the quality of earnings, and this is important, is much higher than october '07. remem
ceiling debate. wow, i mean, that's going to add another 500 points right to the market. and really reinforce the bulls, and that could be the melt-up of the economy. >> i just want to get chanos. you there? is jim listening? >> i've been listening. >> can you help with this perma bowl for a second? is there a question here that needs to be asked that may change our view on how bullish we should really be? maybe you are bullish. i heard you a little bit earlier. >> we...
170
170
Oct 10, 2013
10/13
by
CNBC
tv
eye 170
favorite 0
quote 0
i assume you're aware that more often than not the debt ceiling is raised with other policy or reforms. if you're so aware of that history, why do you and president obama continue to use the talking point that negotiating on a debt limit bill is unprecedented when the facts demonstrate otherwise? >> well, senator, i don't think that is an accurate version of history, certainly not what i recall, having lived through many of the budget debates overs last 39 years. overly three of them have involved the debt limit. it's not the case that most budget agreements involve the debt limit. if you look at those that did involve the debt limit, several of them the dealt limit was just added on to a bill. it was not driving the debate. what i think changed in 2011 is the affirmative case was made in 2011 that a certain faction -- i'm not saying it's people in this room but if a certain faction did not get their way -- that's not how our democratic system works. a minority can't do that. >> secretary lew, before i got on to my next question, at least you -- >> we are going to take another quick br
i assume you're aware that more often than not the debt ceiling is raised with other policy or reforms. if you're so aware of that history, why do you and president obama continue to use the talking point that negotiating on a debt limit bill is unprecedented when the facts demonstrate otherwise? >> well, senator, i don't think that is an accurate version of history, certainly not what i recall, having lived through many of the budget debates overs last 39 years. overly three of them have...
245
245
Jan 28, 2013
01/13
by
CNBC
tv
eye 245
favorite 0
quote 0
at the same time, they've pushed off the debt ceiling for a few months. so the body language out of washington has been more constellatory. so when you get to this point where you think about what the deficit might look like this year, i don't think you're going to be looking at a balanced budget so soon. you can't sustain trillion dollar deficiter year after year after year doubling the debt so many years and still think that the market is going to accept that over time. they know the market needs to move away from this, but it's going to away longer process. >> kevin and mike will be with us for the rest of the hour. >> and it's time for the global markets report. kelly evans is standing by in london. i could string up a lot of thing to talk to you about, kelly. you're very close to davos. i don't know. we -- i don't really feel like i've missed anything, really. but you're still close. you could have jetted over there easily and joined in with, you know, john legend and charlie thero this e, andrew ross sorkin. >> i was hoping maybe some of those peopl
at the same time, they've pushed off the debt ceiling for a few months. so the body language out of washington has been more constellatory. so when you get to this point where you think about what the deficit might look like this year, i don't think you're going to be looking at a balanced budget so soon. you can't sustain trillion dollar deficiter year after year after year doubling the debt so many years and still think that the market is going to accept that over time. they know the market...
211
211
Jan 29, 2013
01/13
by
CNBC
tv
eye 211
favorite 0
quote 0
let's take a look at the next idea about the debt ceiling debate. i think this is a really important finding here, guys. we ask do you think congress is going to increase the debt ceiling every time it's reached, refuse to raise it at some point and don't know? you can see 86% are saying that congress will raise the debt ceiling every time it's reached this year, when i think about some of the reasons why stocks have gotten higher because i think that thread along with the fiscal cliff has come out of the market and that there's overwhelming sentiment that coss i solve the get problem. we asked wall street to grade our treasury secretary going out and one coming in. you can see a pretty strong sentiment that he was a seed secretary with a 2.2. jack lew, the sentiment there. 2.0. one more thing on the deficit i just want to say and maybe this is worthy of discussion here. i think this is a sign that things have improved, at these economists and guys on wall street are saying we should solve the deficit and do it now. i think if things were as bad as
let's take a look at the next idea about the debt ceiling debate. i think this is a really important finding here, guys. we ask do you think congress is going to increase the debt ceiling every time it's reached, refuse to raise it at some point and don't know? you can see 86% are saying that congress will raise the debt ceiling every time it's reached this year, when i think about some of the reasons why stocks have gotten higher because i think that thread along with the fiscal cliff has come...
244
244
Jan 14, 2013
01/13
by
CNBC
tv
eye 244
favorite 0
quote 0
the dollar this morning, a lot of questions about the debt ceiling and what happened and whether or not that will put pressure on the u.s. dollar. but you can see right now, the dollar is down against the euro, which is back up at 1.3361. the dollar is up against the yen, 89.31. and gold prices this morning have gained a little bit of ground. up $7.70 to $1,668730. right now it's time for the global markets report. let's get over to kelly evans would is standing by in london. >> kelly, good morning. becky, good morning. i heard joe's comment about my hair. i will get back to that later, but i will say it was snowing earlier. it's beautiful. but that's not responsible for any notable change in look. just take a quick look at what's been happening wind me in europe. we're in the green for the most part behind bigger than expected industrial production. i wanted to show smu stocks because it's merger news monday. you guys have briefly mentioned a couple of these. down there, you can see swatch is up 3.8% after saying it's going to buy the julie business harry winston. we saw harry winston
the dollar this morning, a lot of questions about the debt ceiling and what happened and whether or not that will put pressure on the u.s. dollar. but you can see right now, the dollar is down against the euro, which is back up at 1.3361. the dollar is up against the yen, 89.31. and gold prices this morning have gained a little bit of ground. up $7.70 to $1,668730. right now it's time for the global markets report. let's get over to kelly evans would is standing by in london. >> kelly,...
252
252
Jan 18, 2013
01/13
by
CNBC
tv
eye 252
favorite 0
quote 0
extension in the debt ceiling and focus on spending. they seem -- you know, they seem to be a little bit hesitant to allow themselves to be set up again as people that are trying to destroy the economy. they're tired of being put in that position where they're holding back the economy. and i think it was the accusation in the first place, but they're sensitive to this point and they're going to roll over. >> they're very sensitive. the political realities of the situation is that i think we all know what needs to be done longer term. the reality is can they get any of this done in the next two months? and that's a much bigger question. i think they're trying to figure that out right now? >> well, we will have people that will argue that we don't have a spending problem, that president obama said we're going to have an economist on today on how you get -- you know, we're going to talk to him. he says the one thing that would hurt the economy is in cuts in social security or medicare or medicaid. any type of reform to those things. >> to
extension in the debt ceiling and focus on spending. they seem -- you know, they seem to be a little bit hesitant to allow themselves to be set up again as people that are trying to destroy the economy. they're tired of being put in that position where they're holding back the economy. and i think it was the accusation in the first place, but they're sensitive to this point and they're going to roll over. >> they're very sensitive. the political realities of the situation is that i think...
212
212
Jan 7, 2013
01/13
by
CNBC
tv
eye 212
favorite 0
quote 0
ceiling dilemma. our interview is coming up. ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. i need you. i feel so alone. but you're not alone. i knew you'd come. like i could stay away. you know i can't do this without you. you'll never have to. you're always there for me. shh! i'll get you a rental car. i could also use an umbrella. fall in love with progressive's claims service. fall in love with progressive's claims service. we asked total strangers to watch it for us. thank you so much. i appreciate it. i'll be right back. they didn't take a dime. how much in fees does your bank take to watch your money? if your bank takes more money than a stranger, you need an ally. ally bank. your money needs an ally. >>> gentlemen, and for you seniors, it
ceiling dilemma. our interview is coming up. ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. i need you. i feel so alone. but you're not alone. i knew you'd come. like i could stay away. you know i can't do this without you. you'll never...